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BTCUSD Breaks Above $38,000 Resistance Level
BTCUSD pops upward and has successfully surged above the formidable $38,000 resistance level, marking a significant breakthrough after nearly two weeks of persistent buyer efforts. Overcoming this resistance has been a challenging journey, with multiple tests and candle wicks attempting to breach the level.
BTCUSD Key Levels
Supply Levels: $35,000, $38,000
Demand Levels: $30,000, $28,000
Today, on the 1st of December, a decisive move occurred as a candlestick popped above the resistance, potentially paving the way for a continuation of the bullish drive. The sustained buyer commitment against the resistance suggests a notable triumph, highlighting the resilience and determination of the market’s recent upward movement. This achievement may set the stage for further positive price momentum in the BTCUSD market.
Examining the daily chart, the MA Cross (Moving Average), which initiated an upward crossover since mid-October, consistently underlines the daily candlesticks, providing essential support for the ongoing upward push. Throughout challenging the resistance level, the EFI (Elders Force Index) power line steadfastly maintains its position above the zero level, indicating bullish dominance.
Market Expectations
On the 4-hour chart, multiple crosses of the MA Cross lines occur as the price remains above the ascending trendline until puncturing the $38,000 resistance level. The EFI on this lower timeframe displays undulating patterns around the equilibrium level, reflecting a slowdown in market momentum at the resistance. A successful establishment above $38,000 is anticipated to propel Bitcoin towards the next resistance at $39,800.
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